Magna’s fourth quarter profit increased to $312 million

Magna International Inc.’s quarterly earnings rose significantly as auto production surged in North America. In the fourth quarter, Magna’s profit increased to $312 million, compared with earnings of $224 million in the same quarter the previous year. For the latest quarter, the sales at North America's biggest auto parts maker increased by 13% to $7.25 billion, boosting revenue for the full-year of 2011 to $28.7 billion.

Its vehicle production climbed 15% in North America from the same quarter the previous year. However, it fell 4% in Europe. Magna said that for 2012, it remains focused on improving its European operations and the launch of its new facilities. Magna predicted that this year’s sales will reach $28 billion to $29.5 billion.

Its vehicle production in North American increased by 10% to 13.1 million vehicles in 2011. These include a 15% increase in the fourth-quarter to 3.43 million units. The U.S. sales of cars and light trucks rose by 10% to 12.8 million last year. Furthermore, Magna was able to raise its dividend to 27.5 cents a share from 25 cents. This is its first increase since February 2011.